Text: HF02172 Text: HF02174 Text: HF02100 - HF02199 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. NEW SECTION. 426C.1 COMMERCIAL PROPERTY TAX
1 2 CREDIT FUND – APPORTIONMENT – PAYMENT.
1 3 1. A commercial property tax credit fund is created.
1 4 There is appropriated annually from the general fund of the
1 5 state to the department of revenue and finance to be credited
1 6 to the commercial property tax credit fund, an amount
1 7 sufficient to implement this chapter.
1 8 The director of revenue and finance shall issue warrants on
1 9 the commercial property tax credit fund payable to the county
1 10 treasurer of each county of the state pursuant to this
1 11 chapter.
1 12 2. The commercial property tax credit fund shall be
1 13 apportioned each year so as to give a credit against the tax
1 14 on each eligible commercial property in the state in an amount
1 15 equal to the actual levy on the first four thousand seven
1 16 hundred fifty dollars of actual value for each eligible
1 17 commercial property.
1 18 3. The amount due each county shall be paid in two
1 19 payments on November 15 and March 15 of each fiscal year,
1 20 drawn upon warrants payable to the respective county
1 21 treasurers. The two payments shall be as nearly equal as
1 22 possible.
1 23 4. Annually, the department of revenue and finance shall
1 24 estimate the credit not to exceed the actual levy on the first
1 25 four thousand seven hundred fifty dollars of actual value of
1 26 each eligible commercial property, and shall certify to the
1 27 county auditor of each county the credit and its amount in
1 28 dollars. Each county auditor shall then enter the credit
1 29 against the tax levied on each eligible commercial property in
1 30 each county payable during the ensuing year, designating on
1 31 the tax lists the credit as being from the commercial property
1 32 tax credit fund, and credit shall then be given to the several
1 33 taxing districts in which eligible commercial property is
1 34 located in an amount equal to the credits allowed on the taxes
1 35 of the commercial property. The amount of credits shall be
2 1 apportioned by each county treasurer to the several taxing
2 2 districts as provided by law, in the same manner as though the
2 3 amount of the credit had been paid by the owners of the
2 4 commercial property. However, the several taxing districts
2 5 shall not draw the funds so credited until after the
2 6 semiannual allocations are received by the county treasurer,
2 7 as provided in this chapter. Each county treasurer shall show
2 8 on each tax receipt the amount of credit received from the
2 9 commercial property tax credit fund.
2 10 5. The tax credit allowed in this chapter shall not exceed
2 11 the actual amount of taxes payable on the eligible commercial
2 12 property, exclusive of any special assessments levied against
2 13 the commercial property.
2 14 Sec. 2. NEW SECTION. 426C.2 DEFINITIONS.
2 15 For purposes of this chapter, unless the context otherwise
2 16 requires:
2 17 1. "Commercial property" means land and buildings assessed
2 18 as commercial property for property tax purposes.
2 19 2. "Eligible commercial property" means commercial
2 20 property separately described as provided in section 428.7.
2 21 Sec 3. NEW SECTION. 426C.3 CERTIFICATION TO THE
2 22 DEPARTMENT.
2 23 On or before June 1 of each year, the county treasurer
2 24 shall certify to the department of revenue and finance the
2 25 total amount of dollars, listed by taxing district in the
2 26 county, due for commercial property tax credits allowed.
2 27 Sec. 4. EFFECTIVE AND RETROACTIVE APPLICABILITY DATES.
2 28 This Act applies retroactively to January 1, 1998, for
2 29 assessment years beginning on or after that date for which
2 30 valuations are determined for property taxes due and payable
2 31 in fiscal years beginning on or after July 1, 1999.
2 32 EXPLANATION
2 33 The bill provides a $4,750 property tax credit for real
2 34 property assessed as commercial property. The bill requires
2 35 no filing of forms since the county assessor will allow the
3 1 credit for property that the assessor assesses as commercial
3 2 property.
3 3 The bill applies retroactively to January 1, 1998, for
3 4 assessment years beginning on or after that date for which
3 5 valuations are determined for property taxes due and payable
3 6 in fiscal years beginning on or after July 1, 1999.
3 7 LSB 3341YH 77
3 8 mg/jw/5
Text: HF02172 Text: HF02174 Text: HF02100 - HF02199 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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